According to the report, the e-commerce giant could launch a standalone app for its digital payments service, Amazon Paymentto increase the visibility and usage of the payment platform, which is currently integrated into Amazon’s main e-commerce application.
Sources familiar with the matter told ToI that the Amazon India Amazon Pay has been considering this change for a year. Separating Amazon Pay into its own app could help achieve greater recognition and increase user engagement, the source added.
Amazon Pay in India offers a variety of financial services such as money transfers, bill payments, insurance purchases, travel bookings, and investment opportunities in mutual funds and digital gold. However, these services are currently only available through Amazon’s main e-commerce app.
Launching a standalone app for Amazon Pay could give the company a competitive advantage in India’s rapidly growing digital payments market. In July, Amazon Pay processed approximately 72.4 million transactions, representing about 0.5% of all transactions on the Unified Payments Interface (UPI) network.
“If implemented, this move would align with broader industry trends.” Flipkart, Amazon’s main competitor in India, recently consolidated its fintech offerings into a single vertical two years after parting ways with PhonePe. According to a source, Amazon has already approached the National Payments Corporation of India (NPCI) for approval. However, these plans are still in the discussion phase and could be modified or dropped.
This potential shift in strategy comes at a time when Amazon continues to invest significantly in its Indian operations. In June, the company pumped Rs 600 crore (about $72 million) into Amazon Pay India, taking its total investment in the payments division to Rs 1,950 crore.
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